Piper Jaffray Companies Announces Share Repurchase Authorization
April 16 2008 - 7:03AM
Business Wire
Piper Jaffray Companies (NYSE: PJC) today announced that its board
of directors has authorized the repurchase of up to $100 million of
the company�s outstanding common stock. The principal purpose of
the share repurchase program is to manage the company�s equity
capital relative to the growth of its business and to offset the
dilutive effect of employee equity-based compensation. The
authorization expires June 30, 2010. As of March 10, 2008, Piper
Jaffray Companies had 18.8 million common shares outstanding. About
Piper Jaffray Piper Jaffray Companies is a leading, international
middle-market investment bank and institutional securities firm,
serving the needs of middle market corporations, private equity
groups, public entities, nonprofit clients and institutional
investors. Founded in 1895, Piper Jaffray provides a comprehensive
set of products and services, including equity and debt capital
markets products; public finance services; mergers and acquisitions
advisory services; high-yield and structured products;
institutional equity and fixed-income sales and trading; and equity
and high-yield research. With headquarters in Minneapolis, Piper
Jaffray has 25 offices across the United States and international
locations in London and Shanghai. Piper Jaffray & Co. is the
firm's principal operating subsidiary. (NYSE: PJC)
(http://www.piperjaffray.com) Cautionary Note Regarding
Forward-Looking Statements This press release contains
forward-looking statements. Statements that are not historical or
current facts, including statements about beliefs and expectations,
are forward-looking statements and are subject to significant risks
and uncertainties that are difficult to predict. These
forward-looking statements cover, among other things, statements
made about general economic and market conditions, our current deal
pipelines, the environment and prospects for capital markets
transactions and activity, management expectations, anticipated
financial results, the expected benefits of acquisitions,
expectations regarding the size of inventory positions for certain
municipal products, or other similar matters. These statements
involve inherent risks and uncertainties, both known and unknown,
and important factors could cause actual results to differ
materially from those anticipated or discussed in the
forward-looking statements including (1) market and economic
conditions or developments may be unfavorable, including in
specific sectors in which we operate, and these conditions or
developments (including market fluctuations or volatility) may
adversely affect the environment for capital markets transactions
and activity and our business and profitability, (2)�the volume of
anticipated investment banking transactions as reflected in our
deal pipelines (and the net revenues we earn from such
transactions) may differ from expected results if any transactions
are delayed or not completed at all or if the terms of any
transactions are modified, (3)�acquisitions may not yield the
benefits we anticipate or yield them within expected timeframes,
(4)�we may not be able to compete successfully with other companies
in the financial services industry, (5)�an inability to readily
divest or transfer inventory positions�of certain municipal
products may result in future inventory levels that differ from
management�s expectations and potential�financial losses from a
decline in value of illiquid positions, and (6)�the other factors
described under �Risk Factors� in Part�I, Item�1A of our Annual
Report on Form 10-K for the year ended December�31, 2006 and
�Management�s Discussion and Analysis of Financial Condition and
Results of Operations� in Part�II, Item�7 of our Annual Report on
Form 10-K for the year ended December�31, 2007, and updated in our
subsequent reports filed with the SEC (available at our Web site at
www.piperjaffray.com and at the SEC Web site at www.sec.gov).
Forward-looking statements speak only as of the date they are made,
and readers are cautioned not to place undue reliance on them. We
undertake no obligation to update them in light of new information
or future events. � 2008 Piper Jaffray & Co., 800 Nicollet
Mall, Suite 800, Minneapolis, Minnesota 55402-7020
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